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Cryptocurrency exchange FTX, which is currently bankrupt, has taken legal action by filing a lawsuit against a former aide for Hillary Clinton and the aide's investment firm, K5 Global, in an attempt to retrieve $700 million in funds.The lawsuit was submitted to the bankruptcy court in Wilmington, Delaware, on Thursday. FTX is seeking the return of the $700 million that its founder, Sam Bankman-Fried, transferred to various K5 entities in 2022. The defendants named in the lawsuit include K5 Global, Mount Olympus Capital, SGN Albany Capital, as well as affiliated entities, and K5 Global co-owners Michael Kives and Bryan Baum.

Taylor Swift turned down a $100M deal with FTX cryptocurrency . She was one of the only celebs who did their due diligence on crypto exchange FTX.

Unlike those being sued for promoting the sale of unregistered securities, Taylor actually asked "Can you tell me that these are not unregistered securities?"

[ FTX Founder Sam Bankman-Fried Found Guilty ]

FTX founder found guilty, convicted of fraud

After 15 days of testimony and approximately 4.5 hours of jury deliberation, the founder of cryptocurrency exchange FTX, Sam Bankman-Fried, was found guilty of seven charges of fraud and conspiracy.

Bankman-Fried was found guilty of embezzling billions of dollars from FTX customer accounts and defrauding lenders associated with FTX subsidiary Alameda Research. He was also charged with defrauding FTX investors and money laundering. He faces a near-life sentence – he could face up to 115 years in prison. US Attorney Damian Williams praised the sentence, saying the government has “zero tolerance” for corruption and fraud.

At the court hearing, Bankman-Fried admitted that in 2020 he became aware that FTX customers’ funds were held by Alameda, but he failed to take steps to protect them. In autumn 2022, Bankman-Fried found out that Alameda owed FTX $8 billion, but he did not fire anyone.

FTX went bankrupt on 11 November 2022 after a CoinDesk report revealed that Alameda owned a large amount of FTX’s exchange token, FTT. This report, combined with tweets from Binance CEO Changpeng Zhao, triggered a wave of withdrawals from FTX, eventually leading to the bankruptcy of FTX, Alameda and their subsidiaries.

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The best known figure of the FTX bankruptcy is - of course - its notorious former CEO Sam Bankman-Fried. But there were dozens of other top executives at the firm. Some of them with titles ranging from Chief Technology Officer to Business Development. Prosecutors are likely scrutinizing them to better understand what role they played at Alameda. At issue is the alleged illegal transfer of billions of customer dollars from FTX to its sister company Alameda Research. So any employees associated with Alameda may likely be under review… So who are the power players most closely associated with Alameda and FTX? And what’s next for them?

Binance joins a Lobbying Association as the exchange is being Blamed

Crucial Points:

After the demise of its competition, FTX, the exchange has been under growing review from detractors.

In Dec. 15 interview with CNBC, Changpeng Zhao, the CEO of Binance, addressed O’Leary’s assertions and pertained to them as a bunch of bullshit allegations.

In a story published on December 12 by Reuters, U.S.

The action was taken in response to complaints that Binance was limited.

What’s US lobbying?

In its original sense, lobbying related to sweat to impact law givers’ votes, generally in the lobby outside the legislative chamber. Lobbying is any bid by people or private interest associations to impact government opinions. Any political system will always involve some type of prompting.

In response to mounting pressure from critics following the demise of its contender, FTX Binance, the exchange announced on December 20 that it had joined the Chamber of Digital Commerce,aU.S. sedulity promoting group. The action was taken in response to complaints that Binance was limited. Joanne Kubba, vice president of public relations at Binance, expressed confidence that the alliance will affect clear laws for the cryptocurrency sector in the United States, saying As an association at the crux of the sedulity’s rapid-fire-fire growth and complex nonsupervisory terrain, working hand in glove with policymakers, nonsupervisory bodies, and sedulity groups like the Chamber is imperative for Binance. analogous work is fundamental to our shared charge of fostering the sustainable development of sensible regulations for cryptocurrency and blockchain, which ultimately ensures protections for stoners”

The Chamber of Digital Commerce promotes a range of public programs, analogous as duty equivalency for digital- plutocrat-laundering and know-your-customer rules for cryptocurrency exchanges, bettered nonsupervisory clarity for security commemoratives, and studies on central bank digital currencies. In 2022, the Chamber transferred capitalists to three congressional contenders through its political action commission Republican North Carolina Representative Patrick McHenry, Republican Arizona Senatorial candidate Blake Masters, and Popular Oregon Senator Ron Wyden Contestation around Binance.

Since FTX’s demise, calls for cryptocurrency regulation have grown. Binance has drawn particular attention since it’s a high-volume exchange with no obvious geographic position or legal status. On December 14, Kevin O’Leary witnessed before Congress and argued that Binance was a monopoly that was uncontrolled and responsible for the demise of FTX .In dec. 15 CNBC interview, Changpeng Zhao, the CEO of Binance, addressed O’Leary’s assertions and pertained to them as a bunch of ridiculous allegations.” Reuters said in a story that’S. Justice Department officers were mooting whether to charge leaders of Binance with financial crimes on December 12. Although the directors have not yet been fulfilled, the report caused Binance to see significant recessions of stablecoin and other cryptocurrencies. Binance has made available an audited substantiation- of- reserve in order to demonstrate its responsibility and financial stability. The substantiation- of- reserve has drawn review for forgetting information on Binance’s internal processes and marketable structure. In 2020, the global trading platform’s attachment exchange, Binance.US, joined the Chamber of Digital Commerce. The company’s rival, FTX, also gave capitalism to American lawmakers. still, it appears that the international Binance group has no way ahead joined a U.S. egging group trouble directly.

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Is Crypto Dead in 2023 After FTX Collapse

Over the previous few weeks and months, the value of Bitcoin has significantly decreased by 75%, or down to a fourth of its original value. 

For whatever reason, it is promoted as a superior form of the store of value for precious metals such as gold and the US dollar. 

Recently One of the Crypto Billionaires Sam Bankman-Fried a $15.6 Billion loss in a single Day. The inevitable “crypto is finished” criticism follows from Wall Street and the Square Mile. So, Is crypto dead? Is it true or not?

Various cryptocurrencies have performed worse. Many cryptocurrencies’ values have decreased by 80–90% or more in a year, and some have even been wiped out entirely. The majority of crypto investors are currently sitting at home with losses.

When investing these days, it might be difficult to resist the buzz around a relatively new asset class called cryptocurrencies.

The creation of Bitcoin in 2009 opened the door for a plethora of other cryptocurrencies that provided a novel way to invest money and increase wealth through the cryptocurrency market. 

Get a Clear Idea About the "Crypto Exchange FTX Crash" today

Get a Clear Idea About the “Crypto Exchange FTX Crash” today

FTX is considered to be the second-largest cryptocurrency exchange in the world. It is now in a crisis and has caused another clash in the digital asset market. Now let’s have a look at the Crypto exchange FTX crash today and the consequences of it. What is FTX? FTX is officially headquartered in the Bahamas. But it is operated from the U.S where the biggest offices of it are situated. This…

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Binance declines deal to acquire FTX

Binance declines deal to acquire FTX

Crypto crash today. The crypto sector has received a big blow this week as values of cryptocurrency crashed and bitcoin is currently at 16k$. Meanwhile, the FTX exchange experienced a liquidity crunch which cost the company a major loss. Binance had earlier agreed on a deal. A non-binding letter of intent to buy FTX after the CEO of FTX SBF had asked for help during the liquidity crunch. Things…

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Sam Bankman- Fried, the creator of FTX, Has been detained and will be deported to the US

Just one day before the disgraced former CEO of FTX was listed to appear before Congress, Sam Bankman- Fried was taken into guardianship by police in the Bahamas at the request of the United States government. According to a Dec. 12 statement from the Bahamas Attorney General and Minister of Legal Affairs, Ryan Pinder, Bankman- Fried was detained by the Royal Bahamas Police Force following a formal announcement from the US government that it had brought felonious charges against him.

The New York Times reported on December 12 that allegations against Bankman- Fried include plutocrat laundering, conspiracy to conduct line and securities fraud, and line and securities fraud. The Bahamas would instantly handle any repatriation request, according to Pinder, who anticipates that the United States will ask for Bankman- repatriation. Fried’sThe statement from Philip Davis, the high minister of the Bahamas, claimed that both nations had a common interest in holding responsible those people combined with FTX who may have traduced the public trust and broken the law.

Using a sealed charge it filed and intends to open” in the morning,” the U.S. Attorney’s Office for the Southern District of New York twittered on December 12 that police in the Bahamas had detained Bankman-Fried. In order to explain the documents that investigators are looking for, FTX’s attorneys met with New York prosecutors, FBI agents, and controllers on December 10. When FTX filed for ruin on November 11, the U.S. Department of Justice( DOJ) was” nearly” checking whether the pot had fraudulently moved hundreds of millions at that time.

According to Pinder’s advertisement on November 27 the Securities Commission, Financial Intelligence Unit, and Police’s fiscal Crimes Unit were all engaged, and Bahamian authorities were also conducting their own” active and ongoing” disquisition into FTX. A day before he was listed to appear ever to swear before the House Committee on Financial Services in a hail looking into the collapse of the exchange, Bankman- Fried was arrested.

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